Leaders of the Group of 20 have approved a revision of the International Monetary Fund's quota formula in favor of emerging market economies by 2013, Russia's presidential aide Arkady Dvorkovich said on Friday.
"The first step ... has confirmed finance ministers' agreement on quota realignment formula by 2013, and on holding an eventual round of the quota realignment itself by 2014, which will solve the problem for many years," Dvorkovich said.
G20 finance ministers agreed in October to shift voting power to dynamic emerging market nations such as China, which will become the third biggest member of the 187-strong global lender.
The current formula consists of a weighted average in which gross domestic product accounts for 50 percent, openness for 30 percent, economic variability for 15 percent and international reserves for five percent.
Currently, the largest members of the IMF are the U.S., with a current quota of 37.1 billion Special Drawing Rights, or about 17.09 percent of the quota share, Japan with a quota of 13.3 billion SDRs, or 6.12 percent of the quota share, and Germany with a quota of 13.008 billion SDRs, or 5.98 percent. Russia's quota stands at about 5.95 billion SDRs, or 2.73 percent of the quota share.
SEOUL, November 12 (RIA Novosti)
